Feed aggregator

Realtor.com Reports Most Active "For Sale" Inventory since December 2019

Calculated Risk -

What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For May, Realtor.com reported inventory was up 28.9% YoY, but still down 12.9% compared to the 2017 to 2019 same month levels. 
Here is their weekly report: Weekly Housing Trends: Latest Data as of July 5
Active inventory climbed 26.7% year-over-year

The number of homes actively for sale remains on a strong upward trajectory, virtually unchanged from last week, at 26.7% higher than this time last year. This represents the 87th consecutive week of annual gains in inventory. There were more than 1 million homes for sale again last week, marking the ninth week in a row over the threshold and the highest inventory level since December 2019.

New listings—a measure of sellers putting homes up for sale—rose 9.3% year over year

New listings rose again last week on an annual basis, up 9.3% compared with the same period last year.

he median list price was up 0.2% year over year

The median list price climbed again this week but is still down 0.3% year to date. The median list price per square foot—which adjusts for changes in home size—rose 0.8% year over year. With inventory on the rise and more than 1 in 5 sellers cutting prices, the market is tilting back toward balance, marked by slowing price growth and increasing buyer leverage.
With inventory climbing, and sales depressed, months-of-supply is at the highest level since 2016 (excluding the start of pandemic) putting downward pressure on house prices in an increasing number of areas.

canon 6d mk2 manual

Economy in Crisis -

The Canon EOS 6D Mark II is a versatile DSLR camera designed for enthusiasts and professionals, offering advanced features for photography and videography. This manual provides a comprehensive guide to unlocking its full potential, ensuring users can master its functionality and settings for exceptional results.

1.1 Overview of the Canon EOS 6D Mark II

The Canon EOS 6D Mark II is a full-frame DSLR camera featuring a 26.2MP CMOS sensor, DIGIC 7 image processor, and vari-angle touchscreen LCD. It offers built-in Wi-Fi, NFC, and Bluetooth for seamless connectivity. With Dual Pixel AF, it excels in autofocus performance, while its weather-sealed body ensures durability. This camera balances portability with advanced features, making it ideal for both amateur and professional photographers seeking high-quality images and versatile functionality.

1.2 Purpose of the Manual

This manual is designed to guide users in understanding and utilizing the Canon EOS 6D Mark II effectively. It provides detailed instructions on camera settings, features, and troubleshooting, ensuring photographers of all levels can optimize their experience. The document covers everything from basic operations to advanced techniques, helping users unlock the camera’s full potential for capturing stunning images and videos.

Key Features of the Canon EOS 6D Mark II

The Canon EOS 6D Mark II features a 26.2MP full-frame sensor, vari-angle touchscreen, 45-point autofocus, dual-pixel AF, and 1080p video recording, making it ideal for photography and videography.

2.1 Design and Build Quality

The Canon EOS 6D Mark II boasts a lightweight yet durable magnesium alloy body, weather-sealed for outdoor use. Its ergonomic design ensures comfort during extended shoots, with intuitive controls like the Quick Control Dial. The camera’s robust construction and premium finish make it a reliable choice for professionals and enthusiasts alike, delivering a balance of portability and resilience for various shooting environments.

2.2 Sensor and Image Quality

The Canon EOS 6D Mark II features a 26.2MP full-frame CMOS sensor, delivering crisp, detailed images with excellent dynamic range. Paired with the DIGIC 7 Image Processor, it ensures enhanced noise reduction and precise color reproduction. The camera supports a wide ISO range of 100-40000, expandable to 50-102400, making it capable of capturing high-quality images in various lighting conditions. RAW and JPEG formats are available, offering flexibility for post-processing and sharing.


2.3 Autofocus System

The Canon EOS 6D Mark II boasts a 45-point all-cross-type AF system, enabling precise and fast focusing. Dual Pixel AF technology enhances autofocus speed and accuracy in live view and video modes. The system performs exceptionally well in low-light conditions, down to -3 EV, and supports advanced tracking for dynamic subjects. Custom AF settings allow users to tailor focus behavior, making it ideal for portraits, sports, and wildlife photography.

2.4 ISO Range and Noise Performance

The Canon EOS 6D Mark II features an ISO range of 100-40000, expandable to 50-102400, ensuring flexibility in various lighting conditions. The DIGIC 7 image processor minimizes noise, delivering clean images even at high ISOs. Low-light performance is exceptional, with minimal grain and preserved details. The manual provides guidance on optimizing ISO settings for different scenarios, helping users achieve the best results in both stills and video recording.

2.5 Video Capabilities

The Canon EOS 6D Mark II supports Full HD video recording at 60fps, offering smooth motion and high-quality footage. It features in-camera digital stabilization, reducing camera shake and ensuring steady videos. The manual highlights settings for optimal video capture, including resolution, frame rates, and audio recording options, enabling users to produce professional-grade content with ease and precision.

Accessing the Canon EOS 6D Mark II Manual

The Canon EOS 6D Mark II manual is available as a downloadable PDF from Canon’s official website, ensuring easy access to detailed instructions and troubleshooting guides.

3.1 Where to Download the Manual

The Canon EOS 6D Mark II manual can be downloaded from the official Canon website. Visit www.canon.com and navigate to the support section. Select your camera model, and you’ll find the manual available in PDF format for free download. Ensure to use Adobe Reader 6.0 or later for optimal viewing. This direct access provides instant guidance for camera setup, features, and troubleshooting.

3.2 Navigating the PDF Manual

The Canon EOS 6D Mark II manual is provided as a detailed PDF file. Use the bookmarks panel in Adobe Reader for easy navigation between sections. Key areas include camera setup, shooting modes, and troubleshooting. The manual is searchable, allowing quick access to specific topics. Ensure to use Adobe Reader 6.0 or later for full functionality. This comprehensive guide is organized to help users master the camera’s features efficiently.

Setting Up Your Canon EOS 6D Mark II

This section guides you through unboxing, initial setup, charging the battery, inserting the memory card, and familiarizing yourself with the camera’s basic controls and layout.

4.1 Unboxing and Initial Setup

Upon unboxing, ensure all accessories are included: camera body, battery, charger, neck strap, and manual. Insert the battery and memory card, ensuring they are securely locked. Power on the camera and navigate through the initial setup menu to set language, date, and time. Familiarize yourself with the basic controls and layout, including the mode dial, LCD screen, and navigation buttons. This step ensures your camera is ready for immediate use.

4.2 Charging the Battery and Inserting the Memory Card

Charge the LP-E6N battery using the provided LC-E6 charger until the indicator turns green. Avoid using third-party chargers to prevent damage. Insert the memory card into the SD/SDHC/SDXC slot, ensuring it clicks securely into place. Check the card’s write-protect switch is in the “unlocked” position to enable data writing. Verify the battery is fully charged and the card is properly seated before powering on the camera.

4.3 Basic Camera Controls and Layout

Familiarize yourself with the EOS 6D Mark II’s intuitive controls. The Mode Dial selects shooting modes, while the Shutter Button captures images or starts/stops video. Adjust settings using the Aperture/Exposure Compensation Dial and ISO button. The Multi-controller navigates menus and selects focus points. The Quick Control Dial provides quick access to key settings like ISO, AF, and metering modes. Understanding these controls enhances shooting efficiency and creativity.

Shooting Modes

The EOS 6D Mark II offers various shooting modes, including Manual, Aperture Priority, Shutter Priority, Auto, and Scene Modes, catering to both creative control and ease of use.

5.1 Understanding the Mode Dial

The mode dial on the Canon EOS 6D Mark II is located on the top right and provides quick access to various shooting modes. It features options such as Auto, Program (P), Shutter Priority (Tv), Aperture Priority (Av), Manual (M), and Custom Modes (C1-C3). Scene Intelligent Auto mode simplifies shooting for beginners, while custom modes allow users to save personalized settings. Understanding the mode dial is essential for selecting the right mode for any situation, ensuring optimal control over aperture, shutter speed, and ISO. This feature enhances creativity and efficiency, catering to both novice and advanced photographers.

5.2 Manual Mode (M)

Manual Mode (M) on the Canon EOS 6D Mark II offers full creative control, allowing users to independently adjust aperture, shutter speed, and ISO. This mode is ideal for advanced photographers who want precise control over their shots. Accessible via the mode dial, Manual Mode enables customization to achieve specific artistic effects, such as freezing motion or creating motion blur. It is particularly useful in challenging lighting conditions or for capturing unique visual styles, making it a powerful tool for professional-level photography.

5.3 Aperture Priority Mode (Av)

Aperture Priority Mode (Av) allows users to set the desired aperture, while the camera automatically adjusts the shutter speed for optimal exposure. This mode is ideal for controlling depth of field, making it perfect for portrait photography (blurred backgrounds) or landscape shots (sharp focus throughout). Located on the mode dial, Av mode provides creative flexibility while maintaining ease of use, ensuring professional-level results with minimal effort.

5.4 Shutter Priority Mode (Tv)

In Shutter Priority Mode (Tv), users set the shutter speed, while the camera automatically adjusts the aperture for proper exposure. This mode is perfect for capturing motion, such as freezing fast-moving subjects or creating artistic blur. Located on the mode dial, Tv mode offers creative control over motion effects, making it ideal for sports, wildlife, or artistic photography, while ensuring the camera handles the rest for balanced exposure.

5.5 Auto Mode and Scene Modes

Auto Mode simplifies photography by automatically adjusting settings for optimal results, ideal for beginners. Scene Modes, such as Portrait, Landscape, and Sports, tailor settings for specific scenarios. The Canon EOS 6D Mark II manual details these modes, guiding users through their use for enhanced creativity. Refer to the PDF manual for detailed instructions on leveraging these features effectively to capture stunning images in various conditions.

Customizing Your Camera

The Canon EOS 6D Mark II allows users to customize buttons and controls for personalized workflow efficiency. Create custom shooting modes for quick access to preferred settings, enhancing productivity and creativity;

6.1 Customizing Buttons and Controls

The Canon EOS 6D Mark II offers extensive customization options for its buttons and controls, allowing users to tailor the camera to their preferences. Assign functions to buttons like the M-Fn button for quick access to frequently used settings. This feature enhances shooting efficiency and streamlines workflows, making it ideal for both amateur and professional photographers seeking personalized control over their camera operations.

6.2 Creating Custom Shooting Modes

The Canon EOS 6D Mark II allows users to create custom shooting modes by saving personalized settings for quick access. This feature is ideal for specific photography scenarios, such as portrait or landscape shooting. Simply configure your desired settings, save them to one of the custom modes (C1-C3), and retrieve them via the mode dial for efficient shooting. This capability enhances workflow and ensures consistent results across different photographic situations.

6.3 My Menu Setup

The Canon EOS 6D Mark II’s My Menu feature allows users to customize their menu by registering frequently used settings. This streamlines workflow by providing quick access to preferred options. To set up My Menu, navigate to the menu tab, select “My Menu Settings,” and choose up to six items to add. This personalized menu can then be accessed directly, saving time and enhancing efficiency during shoots. Organize your settings strategically for optimal performance.

Image Quality and Settings

The Canon EOS 6D Mark II offers customizable image quality settings, including resolution, compression, and color profiles. Adjust white balance, Picture Style, and noise reduction for optimal results.

7.1 Image Size and Format (JPEG/RAW)

The Canon EOS 6D Mark II allows users to select image size and format, balancing resolution and file size. Choose from various JPEG compression levels or shoot in RAW for maximum detail. RAW files retain all sensor data, enabling advanced post-processing. JPEG is ideal for direct sharing, while RAW is best for professional editing. Adjust settings in the menu to suit your workflow and storage needs, ensuring optimal image quality and flexibility. File formats can be set independently for stills and video modes.

7.2 Picture Style Settings

The Canon EOS 6D Mark II offers customizable Picture Style settings, allowing users to adjust image processing parameters like sharpness, contrast, and color tone. Predefined styles include Standard, Portrait, Landscape, Fine Detail, and more. Users can fine-tune these settings or create custom Picture Styles to match their creative vision. These settings are applied during image processing, enabling consistent results across different shooting scenarios and enhancing post-processing flexibility for both JPEG and RAW files.

7.3 White Balance and Color Temperature

The Canon EOS 6D Mark II allows precise control over white balance and color temperature to capture accurate colors in various lighting conditions. Preset options include Auto, Daylight, Shade, Tungsten, Fluorescent, and Flash. Custom white balance enables manual adjustment for specific lighting setups. Additionally, color temperature can be fine-tuned in Kelvin (K) for personalized color tones, ensuring consistent and natural-looking results in both stills and video, enhancing the overall visual appeal of your images.

7.4 Image Compression and Quality

The Canon EOS 6D Mark II offers flexible image compression options to balance file size and quality. Choose between Fine, Normal, or Basic compression levels for JPEGs. RAW files capture uncompressed data, preserving maximum detail for post-processing. Adjusting compression settings ensures optimal storage efficiency while maintaining image integrity, catering to both professional and casual shooters’ needs for high-quality output without compromising workflow flexibility.

Advanced Shooting Techniques

Explore advanced techniques like focus bracketing, HDR, and silent shooting to enhance your photography. These features offer precise control and creativity, elevating your image capture capabilities.

8.1 Using the Built-in Flash

The Canon EOS 6D Mark II features a built-in flash for convenient lighting solutions. Activate it via the camera menu or by pressing the flash button. The flash supports E-TTL II metering for precise exposure control. Use flash exposure compensation to adjust brightness. It’s ideal for fill lighting in backlit scenes or adding depth indoors. The flash also supports wireless control for off-camera setups, enhancing creativity in various shooting conditions.

8.2 Bracketing and HDR

The Canon EOS 6D Mark II supports Auto Exposure Bracketing (AEB), capturing up to 7 frames at varying exposures. This is ideal for high-contrast scenes, allowing you to merge images into HDR. Enable AEB via the camera menu and adjust the exposure range. The built-in HDR mode processes images in-camera, creating a single photo with enhanced dynamic range. Use this feature for landscapes or interior shots to capture detailed shadows and highlights effortlessly.

8.3 Focus Bracketing and Stack Shooting

Focus bracketing on the Canon EOS 6D Mark II allows capturing multiple shots at varying focus points, ideal for macro or close-up photography; Enable this feature via the camera menu to create a series of images with different focal planes. Stack shooting combines these images into one, extending depth of field. This technique ensures sharpness across the entire frame, perfect for detailed subjects like flowers or small objects, enhancing precision in your photography workflow.

8.4 Silent Shooting Mode

Silent Shooting mode on the Canon EOS 6D Mark II reduces camera noise, making it ideal for discreet photography. Enabled via the menu, it uses electronic shutter to minimize sound. Perfect for wildlife or events where noise might disturb subjects. Note that rolling shutter effects may occur during fast movements. This feature enhances versatility, allowing photographers to capture moments without drawing attention, ensuring a more natural and uninterrupted shooting experience in sensitive environments. Use it wisely to preserve the moment undetected.

Video Recording

The Canon EOS 6D Mark II supports 1080p video recording at various frame rates, featuring Movie Digital IS for stabilization, HDR, and external microphone compatibility for enhanced audio quality.

9.1 Video Mode Basics

Engaging Video Mode on the Canon EOS 6D Mark II activates the camera’s movie recording capabilities. Users can access this mode via the mode dial, enabling manual or auto settings. The camera offers customizable frame rates and resolutions, ensuring flexibility for various projects. External microphones enhance audio quality, while digital IS stabilizes footage, making it ideal for both casual and professional video capture.

9.2 Adjusting Video Settings (Resolution, Frame Rate, etc.)

The Canon EOS 6D Mark II allows users to adjust video settings such as resolution, frame rate, and compression. Resolution options include Full HD (1080p) at 24, 25, or 30 fps. These settings can be customized via the menu system, enabling precise control over video output. The camera also supports external microphone input for enhanced audio quality, ensuring high-quality video and sound synchronization for professional-grade results.

9.3 Using External Microphones

The Canon EOS 6D Mark II supports external microphones via its 3.5mm stereo jack, enhancing audio quality in video recordings. Users can connect third-party microphones to capture clearer sound, reducing ambient noise. The camera also allows manual adjustment of audio levels for precise control. This feature is particularly useful for videographers seeking professional-grade audio to complement their video footage, ensuring high-quality sound that matches the camera’s impressive imaging capabilities.

9.4 Movie Digital IS and Stabilization

The Canon EOS 6D Mark II features Movie Digital IS, enhancing video stability by reducing camera shake and blur. This electronic stabilization works alongside lens-based IS for smoother footage, especially during handheld shooting. It supports 5-axis image stabilization, ensuring sharper and steadier videos. This feature is particularly beneficial for dynamic or low-light conditions, helping creators achieve professional-grade stability without additional equipment, and is easily enabled through the camera’s menu system for optimal results.

Connectivity and Sharing

The Canon EOS 6D Mark II offers built-in Wi-Fi, NFC, and Bluetooth for seamless connectivity. Transfer images to smartphones or computers and enable remote shooting via the Canon Camera Connect app. GPS support allows for geotagging photos, making it easy to organize and share your work efficiently.

10.1 Wi-Fi and NFC Setup

To enable Wi-Fi on the Canon EOS 6D Mark II, go to the Menu and select Wi-Fi/NFC settings. Choose your network from the list or enter the password manually. For NFC, simply tap your compatible Android device to the camera’s NFC area to establish a quick connection. Use the Canon Camera Connect app to transfer images to your smartphone or enable remote shooting. This feature enhances sharing and control, making it ideal for modern photography workflows.

10.2 Transferring Images to a Smartphone

After establishing a Wi-Fi connection, use the Canon Camera Connect app to transfer images to your smartphone. Select the desired photos on the camera and choose the transfer option. For a faster process, enable NFC on both the camera and your Android device, then tap them together to initiate a direct transfer. This seamless feature allows for easy sharing and backup of your captured moments, enhancing your workflow and accessibility.

10.3 Remote Shooting with the Canon Camera Connect App

With the Canon Camera Connect app, you can remotely control your EOS 6D Mark II, adjusting settings like aperture, shutter speed, and ISO. Use live view to preview shots, focus manually or automatically, and trigger the shutter. This feature is ideal for capturing photos in challenging positions or minimizing camera shake. It also allows real-time preview and image review, making remote shooting convenient and precise for creative control and streamlined workflow.

10.4 GPS and Geotagging

The Canon EOS 6D Mark II features built-in GPS, enabling geotagging of images with precise location data. This function automatically records latitude, longitude, and altitude in the image’s EXIF information, ideal for tracking shoots during travel or outdoor photography. GPS data enhances image organization and sharing, allowing users to view photos on maps or sort them by location. This feature is particularly useful for documenting trips or projects requiring location-based metadata for easy reference and organization.

Maintenance and Troubleshooting

Regularly clean the camera and sensor to maintain image quality. Update firmware for optimal performance. Troubleshoot common issues like error messages or connectivity problems using the manual.

11.1 Cleaning the Camera and Sensor

Regular cleaning is essential for maintaining image quality. Use a soft-bristle brush or bulb blower to remove dust from the sensor and camera surfaces. Avoid touching the sensor with bare hands. For stubborn spots, use a dry microfiber cloth. Never apply liquids directly to the sensor. Clean the exterior with a soft cloth and avoid harsh chemicals. Refer to the manual for detailed cleaning procedures to prevent damage and ensure optimal performance.

11.2 Updating Firmware

Regularly updating your Canon EOS 6D Mark II’s firmware ensures optimal performance and adds new features. Visit Canon’s official website, navigate to the support section, and search for your camera model to check for available updates. Download the latest firmware and follow the provided instructions to transfer the update to your camera’s memory card. Insert the card, access the firmware update option in the menu, and proceed with the update. Ensure the battery is fully charged and avoid interruptions during the process. After completion, restart the camera and verify functionality. This maintains your camera’s performance and unlocks new capabilities.

11.3 Common Issues and Solutions

Common issues with the Canon EOS 6D Mark II include error messages, sensor smudges, and Wi-Fi connectivity problems. For error messages, refer to the manual or Canon support. Sensor cleaning can be done with a swab and solution. Connectivity issues often resolve by restarting the camera or updating firmware. For persistent problems, contact Canon support or visit an authorized service center for professional assistance.

The post canon 6d mk2 manual appeared first on Every Task, Every Guide: The Instruction Portal
.

California To Lose 17% Of Oil Refining Capacity: EIA

Zero Hedge -

California To Lose 17% Of Oil Refining Capacity: EIA

Authored by Naveen Athrappully via The Epoch Times,

California could lose 17 percent of its oil refinery capacity over the next 12 months due to two scheduled refinery closures, the Energy Information Administration (EIA) said in a July 9 statement.

In October, energy company Phillips 66 announced plans to shut down its Wilmington refinery in the Los Angeles area by the fourth quarter of this year. The facility processes 139,000 barrels per day of oil.

In April, Valero Energy Corporation said it would cease operations at Benicia refinery in the Bay Area, which processes 145,000 barrels per day, by April 2026.

Closure of the facilities can lead to “increases in fuel price volatility on the West Coast,” EIA said, highlighting that California “usually has higher retail gasoline prices compared with the national average.”

According to data from the American Automobile Association, the average price of regular gasoline was $4.53 per gallon in California as of July 10, the highest among all 50 states and up by almost 43 percent compared to the national average price of $3.17 per gallon. Mississippi had the lowest price at $2.71 per gallon.

In a May 30 commentary, Vance Ginn, president of Ginn Economic Consulting, LLC, called California’s high gasoline prices a “man-made problem—a case study in government failure, not market failure.”

Ginn blames decades of state taxes, and what he called misguided climate mandates and regulatory overreach, for distorting California’s gasoline market. He pointed out that regulatory costs and taxes alone make up over $1.30 per gallon in costs, which he said was “nearly double the national average.”

“California has the highest gas tax in the country, at $0.678 per gallon, not including additional fees and environmental surcharges,” he said.

“Add in the Cap-and-Trade program, the Low Carbon Fuel Standard (LCFS), and boutique fuel blends that are required only in California, and it becomes clear why Californians pay more.”

According to a May 5 post by the EIA, California mandates a special gasoline blend in a bid to cut down pollution and improve air quality. Such fuel is more costly to produce due to expensive blending components and processing steps involved, the agency said.

In its July 9 statement, the EIA said a reason for high gasoline prices in California was the “relative lack of logistical connectivity” on the West Coast compared to other refinery hubs such as the Gulf Coast.

The supply shortfall created by the closure of Wilmington refinery in the Los Angeles area and Valero’s Benicia refinery is likely to result in an “outsized impact” on the West Coast “because it cannot be easily filled by other refineries elsewhere in the country,” the EIA warned.

“Given the limited connectivity to other U.S. refining hubs, the most likely source of replacement fuels will be imports from Asia, particularly imports of jet fuel and gasoline,” it added. “Phillips 66 is planning to produce some California-grade gasoline at its refinery in Washington, and some refineries in India and South Korea can meet these specifications.”

The EIA forecasts a small increase in retail gasoline prices on the West Coast next year due to capacity closures. In contrast, gasoline prices elsewhere in the country are predicted to decline.

Tyler Durden Fri, 07/11/2025 - 14:25

California To Lose 17% Of Oil Refining Capacity: EIA

Zero Hedge -

California To Lose 17% Of Oil Refining Capacity: EIA

Authored by Naveen Athrappully via The Epoch Times,

California could lose 17 percent of its oil refinery capacity over the next 12 months due to two scheduled refinery closures, the Energy Information Administration (EIA) said in a July 9 statement.

In October, energy company Phillips 66 announced plans to shut down its Wilmington refinery in the Los Angeles area by the fourth quarter of this year. The facility processes 139,000 barrels per day of oil.

In April, Valero Energy Corporation said it would cease operations at Benicia refinery in the Bay Area, which processes 145,000 barrels per day, by April 2026.

Closure of the facilities can lead to “increases in fuel price volatility on the West Coast,” EIA said, highlighting that California “usually has higher retail gasoline prices compared with the national average.”

According to data from the American Automobile Association, the average price of regular gasoline was $4.53 per gallon in California as of July 10, the highest among all 50 states and up by almost 43 percent compared to the national average price of $3.17 per gallon. Mississippi had the lowest price at $2.71 per gallon.

In a May 30 commentary, Vance Ginn, president of Ginn Economic Consulting, LLC, called California’s high gasoline prices a “man-made problem—a case study in government failure, not market failure.”

Ginn blames decades of state taxes, and what he called misguided climate mandates and regulatory overreach, for distorting California’s gasoline market. He pointed out that regulatory costs and taxes alone make up over $1.30 per gallon in costs, which he said was “nearly double the national average.”

“California has the highest gas tax in the country, at $0.678 per gallon, not including additional fees and environmental surcharges,” he said.

“Add in the Cap-and-Trade program, the Low Carbon Fuel Standard (LCFS), and boutique fuel blends that are required only in California, and it becomes clear why Californians pay more.”

According to a May 5 post by the EIA, California mandates a special gasoline blend in a bid to cut down pollution and improve air quality. Such fuel is more costly to produce due to expensive blending components and processing steps involved, the agency said.

In its July 9 statement, the EIA said a reason for high gasoline prices in California was the “relative lack of logistical connectivity” on the West Coast compared to other refinery hubs such as the Gulf Coast.

The supply shortfall created by the closure of Wilmington refinery in the Los Angeles area and Valero’s Benicia refinery is likely to result in an “outsized impact” on the West Coast “because it cannot be easily filled by other refineries elsewhere in the country,” the EIA warned.

“Given the limited connectivity to other U.S. refining hubs, the most likely source of replacement fuels will be imports from Asia, particularly imports of jet fuel and gasoline,” it added. “Phillips 66 is planning to produce some California-grade gasoline at its refinery in Washington, and some refineries in India and South Korea can meet these specifications.”

The EIA forecasts a small increase in retail gasoline prices on the West Coast next year due to capacity closures. In contrast, gasoline prices elsewhere in the country are predicted to decline.

Tyler Durden Fri, 07/11/2025 - 14:25

Recognizing Propaganda as Opposed to Reality

Angry Bear -

There is a constant tenor that people can do better by investing their funds elsewhere other than contributing to Social Security. In the short term that can be true as long as you have the funds to invest all the time and the economy does well. There are no guarantees in private investments and politics […]

The post Recognizing Propaganda as Opposed to Reality appeared first on Angry Bear.

It's A Smart Move For Russia To Strike Ukrainian Draft Centers

Zero Hedge -

It's A Smart Move For Russia To Strike Ukrainian Draft Centers

Authored by Andrew Korybko via Substack,

The Financial Times (FT) reported that “Russia attacks Ukraine’s draft offices in effort to undermine armed forces”, which drew attention to its latest strategy nearly three and a half years into the conflict.

What began as a special operation quickly transformed into a proxy war that’s since become a “race of logistics”/“war of attrition”.

Accordingly, without Trump coercing Zelensky to comply with Putin’s demands for peace and given his promise to send more “defensive weapons”, the conflict will continue.

It therefore makes sense that Russia would finally target Ukraine’s military logistics, particularly its draft centers, with a view towards preventing Kiev from replenishing its frontline losses in order to consequently raise the chances of a game-changing breakthrough somewhere along the front. Russia still won’t destroy Ukraine’s bridges across the Dnieper, possibly for the reasons speculated here last year, but striking its draft centers is better than nothing and could give also Russia a soft power edge.

As the FT acknowledged in their report, these draft centers are incredibly unpopular among the people, so it therefore follows that Russia’s destruction of them could lead to average Ukrainians breathing a sigh of relief and perhaps becoming more inclined towards a political solution to this long-running conflict. Those that already were anti-Russian or became so throughout the course of the hostilities might not change their political views, but what’s important is that they might not oppose concessions to Russia.

To be sure, the primary reason why Zelensky doesn’t want to comply with any of Putin’s demands for peace is because it could set into motion fast-moving events that remove him from power, but public opinion also plays a role in falsely justifying this self-interested position to the population. The independent organization of large-scale protests is practically impossible in Ukraine nowadays due to the SBU’s domestic dominance, but decisive shifts in public opinion could prompt a power struggle.

That institution and/or others could potentially see an opportunity in that scenario to allow some controlled protests for the purpose of pressuring Zelensky “from below” into doing what’s needed to end the conflict, which could then legitimize pressure upon him from their institution(s) too. The goal would be to remove him from power, even if only through the new elections that he promised would shortly follow the end of the conflict, and then potentially profit from lucrative reconstruction contracts.

For as compelling as this sequence might seem, it can’t be taken for granted, but the possibility still remains that Russia might at least obtain a soft power edge if it continues striking these draft centers. More average Ukrainians will likely appreciate that since they don’t want to die for Zelensky. Even JD Vance recognizes this reality as proven by him telling the world in late February during his fight with Zelensky in the White House about Ukraine’s forcible conscription policy and recruitment problems.

It's therefore a smart move for Russia to finally start striking Ukrainian draft centers since this could raise the chances for a breakthrough somewhere along the front, help to decisively shift domestic public opinion against the conflict, and thus make it easier for “deep state” forces to conspire against Zelensky.

Russia has nothing to lose and everything to gain by keeping up and possibly expanding these strikes since they hit Zelensky where it hurts in more ways than one.

*  *  *

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 07/11/2025 - 13:45

It's A Smart Move For Russia To Strike Ukrainian Draft Centers

Zero Hedge -

It's A Smart Move For Russia To Strike Ukrainian Draft Centers

Authored by Andrew Korybko via Substack,

The Financial Times (FT) reported that “Russia attacks Ukraine’s draft offices in effort to undermine armed forces”, which drew attention to its latest strategy nearly three and a half years into the conflict.

What began as a special operation quickly transformed into a proxy war that’s since become a “race of logistics”/“war of attrition”.

Accordingly, without Trump coercing Zelensky to comply with Putin’s demands for peace and given his promise to send more “defensive weapons”, the conflict will continue.

It therefore makes sense that Russia would finally target Ukraine’s military logistics, particularly its draft centers, with a view towards preventing Kiev from replenishing its frontline losses in order to consequently raise the chances of a game-changing breakthrough somewhere along the front. Russia still won’t destroy Ukraine’s bridges across the Dnieper, possibly for the reasons speculated here last year, but striking its draft centers is better than nothing and could give also Russia a soft power edge.

As the FT acknowledged in their report, these draft centers are incredibly unpopular among the people, so it therefore follows that Russia’s destruction of them could lead to average Ukrainians breathing a sigh of relief and perhaps becoming more inclined towards a political solution to this long-running conflict. Those that already were anti-Russian or became so throughout the course of the hostilities might not change their political views, but what’s important is that they might not oppose concessions to Russia.

To be sure, the primary reason why Zelensky doesn’t want to comply with any of Putin’s demands for peace is because it could set into motion fast-moving events that remove him from power, but public opinion also plays a role in falsely justifying this self-interested position to the population. The independent organization of large-scale protests is practically impossible in Ukraine nowadays due to the SBU’s domestic dominance, but decisive shifts in public opinion could prompt a power struggle.

That institution and/or others could potentially see an opportunity in that scenario to allow some controlled protests for the purpose of pressuring Zelensky “from below” into doing what’s needed to end the conflict, which could then legitimize pressure upon him from their institution(s) too. The goal would be to remove him from power, even if only through the new elections that he promised would shortly follow the end of the conflict, and then potentially profit from lucrative reconstruction contracts.

For as compelling as this sequence might seem, it can’t be taken for granted, but the possibility still remains that Russia might at least obtain a soft power edge if it continues striking these draft centers. More average Ukrainians will likely appreciate that since they don’t want to die for Zelensky. Even JD Vance recognizes this reality as proven by him telling the world in late February during his fight with Zelensky in the White House about Ukraine’s forcible conscription policy and recruitment problems.

It's therefore a smart move for Russia to finally start striking Ukrainian draft centers since this could raise the chances for a breakthrough somewhere along the front, help to decisively shift domestic public opinion against the conflict, and thus make it easier for “deep state” forces to conspire against Zelensky.

Russia has nothing to lose and everything to gain by keeping up and possibly expanding these strikes since they hit Zelensky where it hurts in more ways than one.

*  *  *

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 07/11/2025 - 13:45

Trump Threatens To Pull Endorsements From GOP Senators Opposing DOGE Cuts

Zero Hedge -

Trump Threatens To Pull Endorsements From GOP Senators Opposing DOGE Cuts

President Trump on Thursday night threatened to withhold endorsements from any Republican senators who oppose his $9.4 billion "DOGE" rescissions package targeting foreign aid and leftist public broadcasting outlets. This is setting the stage for a weekend showdown between the White House and GOP holdouts ahead of a planned vote next week. 

"It is very important that all Republicans adhere to my Recissions Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together," Trump wrote on his social media platform Truth Social, using a hilarious nickname for MSNBC.

Trump added: "Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement." 

The proposal would codify some DOGE spending cuts, effectively asking lawmakers to reverse funding they had previously approved. Trump's pressure campaign is centered on Sens. Susan Collins of Maine and Lisa Murkowski of Alaska, who are seeking to amend the package to preserve federal funding for AIDS treatment in Africa and public broadcasting.

The GOP can only afford to lose support from three senators before requiring Vice President JD Vance to cast a tie-breaking vote on the bill. 

Set to expire on July 18 if Congress fails to act, the bill would claw back $8.3 billion from foreign aid programs and eliminate $1.1 billion in funding for the Corporation for Public Broadcasting. It also targets USAID and agencies like the U.S. Institute of Peace—institutions that the president signed an executive order earlier this year to dismantle.  

The House approved the bill last month, but it was sidelined in recent weeks as the GOP focused on passing Trump's "Big, Beautiful Bill." Now, the Senate is set to vote on DOGE cuts next week.

Tyler Durden Fri, 07/11/2025 - 13:25

Trump Threatens To Pull Endorsements From GOP Senators Opposing DOGE Cuts

Zero Hedge -

Trump Threatens To Pull Endorsements From GOP Senators Opposing DOGE Cuts

President Trump on Thursday night threatened to withhold endorsements from any Republican senators who oppose his $9.4 billion "DOGE" rescissions package targeting foreign aid and leftist public broadcasting outlets. This is setting the stage for a weekend showdown between the White House and GOP holdouts ahead of a planned vote next week. 

"It is very important that all Republicans adhere to my Recissions Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together," Trump wrote on his social media platform Truth Social, using a hilarious nickname for MSNBC.

Trump added: "Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement." 

The proposal would codify some DOGE spending cuts, effectively asking lawmakers to reverse funding they had previously approved. Trump's pressure campaign is centered on Sens. Susan Collins of Maine and Lisa Murkowski of Alaska, who are seeking to amend the package to preserve federal funding for AIDS treatment in Africa and public broadcasting.

The GOP can only afford to lose support from three senators before requiring Vice President JD Vance to cast a tie-breaking vote on the bill. 

Set to expire on July 18 if Congress fails to act, the bill would claw back $8.3 billion from foreign aid programs and eliminate $1.1 billion in funding for the Corporation for Public Broadcasting. It also targets USAID and agencies like the U.S. Institute of Peace—institutions that the president signed an executive order earlier this year to dismantle.  

The House approved the bill last month, but it was sidelined in recent weeks as the GOP focused on passing Trump's "Big, Beautiful Bill." Now, the Senate is set to vote on DOGE cuts next week.

Tyler Durden Fri, 07/11/2025 - 13:25

Trump To Send $300M In Weapons To Ukraine Drawn From Pentagon Reserves

Zero Hedge -

Trump To Send $300M In Weapons To Ukraine Drawn From Pentagon Reserves

For the first time, President Donald Trump is set to use his authority to send weapons directly to Ukraine from Pentagon reserves, Reuters reports, citing two sources familiar with the matter, after last week's brief halt in shipments and now subsequent reversal.

Until now, the Trump administration had only transferred arms that were previously approved during Biden's prior term. Trump is likely to use the Presidential Drawdown Authority (PDA), which enables the president to quickly provide military aid in 'emergencies', despite long-running fears that America could lack for key military hardware if fighting its own wars against a major power, Reuters says. It remains that the US hasn't fought a direct war with a 'great power' in quite some time, going back the WW2-era.

US Air Force

Trump on Tuesday indicated he would send more weapons to Ukraine amid intensifying Russian advances and aerial strikes, after the prior week saw hundreds of drones sent nightly.

"More than three years after Russia's invasion of its neighbor, Trump's team will identify arms from U.S. stockpiles to send to Ukraine under the Presidential Drawdown Authority, the sources said, with one saying they could be worth around $300 million," Reuters reports.

This is expected to include Patriot air defense missiles and medium-range rockets, which is somewhat surprising and alarming given the amount of Patriots the Pentagon has just blown through defending Israel, and mid Iranian attacks.

According to the Guardian, "The United States only has about 25% of the Patriot missile interceptors it needs for all of the Pentagon’s military plans after burning through stockpiles in the Middle East in recent months, an alarming depletion that led to the Trump administration freezing the latest transfer of munitions to Ukraine."

And as we noted earlierUS weapons manufacturers can only produce approximately 500 Patriot missiles per year. The US stockpile of air and missile defenses has been drained to aid Ukraine during the war with Russia. Missile interceptors are in short supply in the West.

Trump's fresh (up to) $300 million infusion would reverse Defense Secretary Pete Hegseth's decision to pause shipments while a more thorough review can be made, after he expressed wariness of expanding support to Ukraine.

He reportedly made that call without first consulting the president, and the White House earlier this week acted like it was surprised that the pause ever happened. On Wednesday the president was questioned by a reporter as follows:

"Yesterday, you said that you were not sure who ordered the munitions halted to Ukraine. Have you since been able to figure that out?" a reporter asked the president.

"Well, I haven't thought about it, because we're looking at Ukraine right now and munitions, but I have, no I have not gone into it," he said.

The reporter followed up by asking, "What does it say that such a big decision could be made inside your government without you knowing?"

"I would know if a decision was made, I will know," Trump stressed. "I'll be the first to know. In fact, most likely I'd give the order, but I haven't done that yet."

Such obfuscation could be the result of rising anger among Trump's base concerning the policy U-turn. Trump voters have wondered how keeping up the flow of massive monetary and defense aid to Ukraine is 'America first'.

Tyler Durden Fri, 07/11/2025 - 12:05

Putting markers down: what will it take for my forecast to activate a “recession watch?”

Angry Bear -

 – by New Deal democrat Our data drought won’t end until next Tuesday. In the meantime, let me follow up on a theme from my analysis of the economic data from last week. To wit: there are several metrics that I have already stated are worth a “recession watch;” namely, housing units under construction (down almost […]

The post Putting markers down: what will it take for my forecast to activate a “recession watch?” appeared first on Angry Bear.

T-Mobile Scraps DEI Programs To Better Align With Trump Admin Policies

Zero Hedge -

T-Mobile Scraps DEI Programs To Better Align With Trump Admin Policies

Authored by Katabella Roberts via The Epoch Times,

T-Mobile officially scrapped its diversity, equity, and inclusion (DEI) programs to better align itself with the Trump administration’s policies, it has confirmed.

In a letter to FCC Chair Brendan Carr, T-Mobile executive Mark Nelson said the wireless carrier had made some “adjustments” to ensure its policies and practices “maintain close alignment with our values” and are “responsive to the direction you’ve provided.”

“For the last several years, we have described some aspects of our company culture and practices as aligned with ‘diversity, equity, and inclusion’ (DEI),” Nelson wrote.

“Our primary intention always was to create a culture that makes employees feel supported and therefore able to bring their best to the company.”

Nelson said the mobile carrier believes that “skills, aptitude, and a growth mindset are what contribute to exceptional performance—and that merit is how you advance at our company, regardless of who you are or where you’re from.”

The company recognizes, however, that the “legal and policy landscape” surrounding DEI under federal law has changed, and it remains “fully committed to ensuring that T-Mobile does not have any policies or practices that enable invidious discrimination, whether in fulfillment of DEI or any other purpose,” he wrote.

To that end, T-Mobile is ending DEI-related policies “not just in name but in substance,” according to Nelson.

The company will no longer have any individual roles or teams focused on DEI, and is redirecting the “handful” of employees who had previously focused on DEI within its human resources department to employee culture and engagement.

It is also removing any references to DEI on its websites, future communications, and employee training materials, Nelson said.

In addition, Nelson said the company will not take part in recognition surveys that “focus on employees’ protected characteristics.”

Nelson also noted that the company informed the FCC earlier this year that it was eliminating specific targets or goals for “diverse spend” in its procurement policies.

He said state regulators have required T-Mobile to set “non-binding goals” for spending with suppliers that are “owned by particular demographic groups, and federal policy has promoted consideration of suppliers’ diversity characteristics.”

Though the goals weren’t requirements, the wireless carrier has changed its supplier diversity program to a supplier development program that “focuses on small businesses and not specifically on suppliers whose owners identify with a particular race, sex, sexual orientation, or other protected characteristic,” he said.

“I appreciate the chance to explain how our values complement your commitment to promoting excellence and merit, expanding free speech and expression, and ensuring workplaces are free of invidious forms of discrimination,” Nelson concluded the letter.

President Donald Trump has issued multiple executive orders aimed at ending DEI policies and programs since taking office as part of efforts to ensure every person is treated with “equal dignity and respect” and that federal funding is spent properly.

Carr welcomed the move from T-Mobile in a statement on social media platform X, calling it “another good step forward for equal opportunity, nondiscrimination and the public interest.”

FCC Commissioner Anna Gomez, a Democrat, criticized T-Mobile’s decision, writing on X, “In yet another cynical bid to win FCC regulatory approval, T-Mobile is making a mockery of its professed commitment to eliminating discrimination, promoting fairness, and amplifying underrepresented voices.”

T-Mobile is awaiting FCC approval for its $4.4 billion deal to buy almost all of regional carrier U.S. Cellular’s wireless operations, including its customers, stores, and 30 percent of its spectrum licenses and spectrum leases.

In a May 2024 statement, T-Mobile said it expected the transaction to close by the middle of 2025.

The FCC is also looking at T-Mobile’s plan to establish a joint venture with the global investment firm KKR to acquire a 50 percent stake in the internet service provider Metronet.

T-Mobile said in a July 2024 statement that it would invest $4.9 billion for the stake, along with 100 percent of Metronet’s residential fiber retail operations and customers.

Tyler Durden Fri, 07/11/2025 - 11:45

Q2 GDP Tracking: Mid-to-high 2s

Calculated Risk -

From BofA:
Since our last weekly publication, our 2Q GDP tracking is down two-tenths to 2.3% q/q saar. [July 11th estimate]
emphasis added
From Goldman:
[W]e have lowered our Q2 GDP tracking estimate by 0.6pp to +3.0% (quarter-over-quarter annualized). Our Q2 domestic final sales estimate stands at +0.7%. [July 3rd estimate]
And from the Atlanta Fed: GDPNow
GDPNow
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2025 is 2.6 percent on July 9, unchanged from July 3 after rounding. After this morning's wholesale trade report from the US Census Bureau, the nowcast of second-quarter real residential fixed investment growth decreased from -6.4 percent to -6.5 percent, while the nowcast of the contribution of inventory investment to annualized second-quarter real GDP growth decreased from -2.13 percentage points to -2.15 percentage points. [July 9th estimate]

The 'Count Dooku' Of Austrian Economics Faces 'Anakin' Murphy

Zero Hedge -

The 'Count Dooku' Of Austrian Economics Faces 'Anakin' Murphy

Mises Institute Jedi Bob “Anakin” Murphy finally faced his nemesis: George Mason University’s David Beckworth, deemed the “Count Dooku” of Austrian Economics by Bob for Beckworth’s apprenticeship under Misesian scholars and subsequent drift into mainstream circles. 

They waged battle at last night’s ZeroHedge debate on the question: Should we abolish the Federal Reserve?

Whether this was the first Dooku-Skywalker battle in which Anakin loses his arm or the second where Dooku loses his head — you’ll have to decide. Below were the highlights for those short on time and listen to the full debate on X or Spotify:

“Lender of last resort”

Beckworth believes the lender of last resort function is necessary but advocated for "some kind of federal facility, something that's approved by Congress… shifting the burden of being the lender of last resort or the bailouts to the federal government as opposed to the Federal Reserve.”

Murphy criticized the Fed’s motives during the GFC, arguing the ‘lender-of-last-resort’ principle was merely a pretext. He noted the irony that “right when they were saying all this stuff and buying the so-called ‘toxic assets’ is when the Fed started paying banks to not make loans to their customers,” referring to the introduction of interest on reserves in October 2008. Pretext aside… Murphy contended an omnipresent lender is not healthy: it “short-circuited” the necessary “cleansing process” of the market and resulted in favoritism rather than democratized crisis response: “Lehman goes down, others get saved.”

But who will finance the wars?

Murphy: “Making it harder for your government to take your people into war is actually a good thing. It's not a negative.”

Acknowledging that total elimination the Fed would be difficult, Murphy nonetheless insisted it is more realistic than reforming such a corrupt institution and could be possible with enough public will. “Once it was gone… it wouldn’t be there anymore” and will be a lot harder to reinstate.

Relying on minor reformations and trusting the benevolence of central bankers to self-restrain — Murphy argued — us naive: “Let's just be practical. These are some of the most powerful people on planet earth that have access to printing presses.”

**

Listen to the full debate below:

Tyler Durden Fri, 07/11/2025 - 11:25

Education Department To Resume Interest Accrual On 7.7 Million Student Loan Borrowers

Zero Hedge -

Education Department To Resume Interest Accrual On 7.7 Million Student Loan Borrowers

Authored by Naveen Athrappully via The Epoch Times,

The U.S. Department of Education announced it will restart interest accrual for student-loan borrowers in the Saving on Valuable Education (SAVE) plan, starting from Aug. 1, according to a July 9 Education Department (ED) statement.

Launched in 2023 by the Biden administration, the SAVE plan calculated student loan payments based on the individual’s income and family size. The plan prevents interest from getting accrued, brings loan payments for those who earn less than $32,800 annually to zero per month, while providing early forgiveness for low-balance borrowers.

In June last year, a federal court blocked parts of the SAVE plan. As a result, student loan borrowers enrolled in the plan had their loans put in forbearance with a zero percent interest rate. The SAVE plan was struck down as illegal by the Eighth Circuit Court of Appeals in February.

In April, a federal court issued an injunction to implement the decision made by the appeals court. The latest action by the ED was taken in order to comply with the court injunction.

The department will start charging interest rates from Aug. 1. The interest will not be assessed retroactively, the department said.

Interest will begin accruing from Aug. 1, when borrowers under the SAVE plan will see their loan balances grow. And when the SAVE forbearance period ends, borrowers will have to start making repayments on the loan, including the accrued interest, according to the ED.

Starting July 10, the department will begin direct outreach to 7.7 million borrowers enrolled in the SAVE plan, providing instruction on how to move to a legal repayment plan.

“For years, the Biden administration used so-called ‘loan forgiveness’ promises to win votes, but federal courts repeatedly ruled that those actions were unlawful,” said Secretary of Education Linda McMahon.

“Congress designed these programs to ensure that borrowers repay their loans, yet the Biden administration tried to illegally force taxpayers to foot the bill instead.”

“Since day one of the Trump Administration, we’ve focused on strengthening the student loan portfolio and simplifying repayment to better serve borrowers.

“As part of this effort, the Department urges all borrowers in the SAVE Plan to quickly transition to a legally compliant repayment plan–such as the Income-Based Repayment Plan. Borrowers in SAVE cannot access important loan benefits and cannot make progress toward loan discharge programs authorized by Congress.”

In its last days in office, the Biden administration forgave more than $600 million for 4,550 borrowers under the income-based payment plans.

“The Administration leaves office having approved a cumulative $188.8 billion in forgiveness for 5.3 million borrowers across 33 executive actions,” an ED statement said at the time. It has since been taken down.

The Biden administration’s zero percent “litigation forbearance” forced American taxpayers to foot the bill, while leaving borrowers without clear direction on how to legally repay their loans, the Education Department said in its latest statement, adding that the Trump administration will support borrowers in selecting a new, legal repayment plan.

The Biden administration announced the SAVE Plan just weeks after the Supreme Court blocked the Education Department from unilaterally waiving federal student loans.

According to the ED, 42.7 million borrowers currently owe $1.6 trillion in student debt.

“Only 38 percent of borrowers are in repayment and current on their student loans,” the ED said in April.

“Most of the remaining borrowers are either delinquent on their payments, in an interest-free forbearance, or in an interest-free deferment. A small percentage of borrowers are in a six-month grace period or in-school.”

Tyler Durden Fri, 07/11/2025 - 11:05

MiB: Richard Bernstein, CEO / CIO of RBA

The Big Picture -



 

 

This week, I speak with Richard Bernstein, CEO and Chief Investment Officer of Richard Bernstein Advisors, which manages or advises on $15.7B in AUM focusing on Macro trends rather than individual stock selection. Rich has over 35 years′ experience on Wall Street, was slected for Institutional Investor’s “All-America Research Team” 18times, and was inducted into the Institutional Investor “Hall of Fame.” Previously, he was the Chief Investment Strategist at Merrill Lynch.

He explains why he always expects the S&P500 to be “+10%” regardless of how bearish the macro elements are.

He also discussed why he left Merrill Lynch in 2009 when he flipped bullish. Short version: The sales force, with the GFC still fresh in the minds, were unmoveably bearish.

A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Neil Dutta, head of the economic research team at Renaissance Macro Research. Previously, he was Senior Economist NA at Bank of America-Merrill Lynch under Ethan Harris and David Rosenberg. He has a history of making successful contrarian calls, including calling for no recession in 2022, and warning that the FOMC would raise rates aggressively in 2022. He is now expecting a mild recession late 2025/26.

 

 

 

 

The post MiB: Richard Bernstein, CEO / CIO of RBA appeared first on The Big Picture.

Pages